GRAVITY Shares Soar Post Q1 Results; Ragnarok Drives Online Gaming Revenue - GRAVITY Co (NASDAQ:GRVY)

GRAVITY Co, Ltd GRVY reported a first-quarter FY22 revenue decline of 15.7% year-on-year to $73.1 million.
Online game revenues rose 10.2% Y/Y to $ 17.7 million due to increased revenues from Ragnarok Online in Taiwan, the Philippines, Singapore, and Malaysia.
Mobile game revenues declined 23.3% Y/Y to $52.2 million due to revenues from Ragnarok Origin in Korea, Ragnarok X: Next Generation in Taiwan, Hong Kong, and Macau, and Ragnarok M: Eternal Love.
Operating profit declined 20.2% Y/Y to $18.4 million as costs decreased 21.4% Y/Y and operating expenses climbed 7.6% Y/Y.
GRAVITY held $219.9 million in cash and equivalents.
Ragnarok Online, which was initially launched in Korea on August 1, 2002, is going to celebrate its 20th anniversary in Korea in the 2H22. GRVY plans to launch Ragnarok X: Next Generation in Korea in 2H22.
Price Action: GRVY shares traded higher by 19.5% at $55.58 on the last check Friday.